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2018 (12) TMI 568 - AT - Income TaxRevision u/s 263 - erroneous order prejudicial to the interests of the revenue - Held that:- No hesitation to hold that AO during the course of assessment proceedings made detail and specific enquiries in relation to stock and after making detailed enquiries, accepted reconciliation in the variation in the value of stock. Therefore, it cannot be said that the AO did not make any enquiry while framing the assessment order. CIT has grossly erred in observing that the Assessing Officer should have made a complete enquiry for the amount of excess stock at ₹ 9,95,72,922/- called for documentary evidence for purchase of gold and diamond and verified the genuineness. As mentioned elsewhere, the assessee had filed complete documentary evidences of purchase of gold and diamond and the Assessing Officer has verified the same. Even the alleged excess stock has been explained completely by filing a reconciliation statement. Therefore, it is incorrect to say that neither proper enquiries were made nor any investigation was made by the AO. As explained hereinabove, we are of the considered opinion that the assessment order framed u/s 143(3) of the Act is neither erroneous nor prejudicial to the interest of the Revenue and the PCIT has erroneously assumed jurisdiction u/s 263 of the Act. We, accordingly, set aside the order framed u/s 263 of the Act and restore that of the Assessing Officer framed u/s 143(3) of the Act. - Decided in favour of assessee.
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